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There's rarely any good news when the West Side railyards are involved. Yesterday, it seemed like a sure thing, the city and MTA coming to an agreement that would divvy up various parts of the land, open it up to new zoning, and usher in the long-awaited 7 line extension. But now critics say the overrun estimate sounds measly since the project to link LIRR trains to Grand Central has $2 BILLION in overruns (it's now expected to cost $6.3 billion!). Various groups, such as the Straphangers Campaign, as well as politicians (and a former MTA chairman) are worried about potential overruns given the MTA's history and debt problems - and the fact that construction costs are "rising by almost 2% a month," as per the NY Times. Well, get this project rolling, then! Assemblyman Richard Brodsky says, "Our first review of the documents indicates that if the $2 billion number is wrong, the consequences to the M.T.A. and the state will be enormous....This raises substantial questions whether it could bankrupt the M.T.A.” Eep.
The MTA is expected to approve the West Side railyards plan during its board meeting today.
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"Construction costs are "rising by almost 2% a month."
The MTA should dig the tunnels, but not build until a recession brings construction costs down.
When the economy is hot, tax revenues roll in the market lets the government borrow. That's when the government chooses to build things -- when it has to outbid the private sector for construction workers and supplies.
When the recession hits, tax revenues fall and debts cause a fiscal crisis. Construction materials are freely available and workers need work. That's when the government slashes capital expenditures, and even routine maintenance.
Another way to get less for more.
The MTA should offer to pay the original price for East Side Access, and not go forward until someone is willing to do it for that price.